The frames may be simple. But the vision? It’s bold.

Lenskart is not your average D2C brand. It didn’t chase vanity metrics. It built moats—deep, defensible ones—across tech, brand, and retail. Its $10 billion IPO will test just how much the public markets believe in verticalised, homegrown consumer platforms.

Will India’s massive unorganised eyewear market formalise fast enough? Will Lenskart’s global bets pay off? Can it retain its brand edge as the category heats up?.

Even with all of Lenskart’s innovation, that’s a stretch. The IPO, then, becomes a bet not on current profitability—but on the sheer scale of the opportunity ahead.

- EssilorLuxottica, the global behemoth that owns Ray-Ban, trades at 4x revenue. - Titan, with a stable, profitable eyewear and watches business, trades at 5x. - Warby Parker, Lenskart’s U.S. peer, trades at just 3.3x.

Here’s where the story gets complicated. Lenskart is reportedly eyeing a $10 billion IPO. That puts it at 15x trailing revenue, or 10x forward, assuming a best-case growth scenario. By comparison:.

- In the UAE, it’s about fashion—keeping up with high-street style and fast-moving retail. Each geography demands a different playbook. But underneath them all runs the same engine: deep tech, vertical control, and relentless retail innovation.

- In India, it’s all about access. Affordable frames, ₹99 home eye tests, expansion into Tier II and III cities. - In Singapore, it competes on quality and design, positioning itself against boutique and luxury eyewear players.

That gave it full control over cost, speed, and innovation. Today, Lenskart isn’t just a Made-in-India story. It��s exporting its model—and adapting it to local contexts.

Lenskart’s approach to vertical integration gave it an edge no one else in the market had. It didn’t rely on third-party suppliers or imported stock—it built its own design team, its own factories, even its own robotic lens-cutting units.

It turned eyewear from a cumbersome process into a convenience-led experience. And it didn’t stop there.

Its early adoption of an omnichannel model—long before “phygital” became a buzzword—was game-changing. Customers could book eye tests at home, try on frames with AR tools, walk into slick retail stores, or opt for try-at-home kits.

Fast forward to today, and Lenskart isn’t just India’s largest eyewear brand. It’s a global contender aiming for a $10 billion public listing.

In 2010, India’s eyewear industry was a relic from another time—an experience that felt more like a medical chore than a retail decision. There was no innovation, no brand recall, no aspirational pull.

But because it never left.

There are still stockouts in some regions. Shelf presence is uneven. But if the machine syncs, Campa won’t just be a revival—it’ll be a category reset. And that’s what makes Campa the most interesting beverage story in India right now. Not because it’s back.

It’s a rare moment when legacy, scale, and patience align in a consumer business. Reliance has all three. But success will depend on getting GTM execution right: frequency of stocking, managing seasonal surges, shelf space wars.

Reliance isn’t building Campa to create a ₹2,000 crore cola brand. It’s building a new vertical. The ambition is to build out a beverage empire: colas, water, energy drinks, sports hydration—everything.

Why now? For Reliance, diaspora markets offer built-in awareness. Campa might never beat Coke globally—but for nostalgic Indians abroad, it’s a sip of home.

In February 2025, Campa Cola was launched in the UAE in partnership with the Agthia Group. Middle East and Southeast Asia are next.